Webinar-Compensating the Workforce of Tomorrow
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Transcript of Webinar-Compensating the Workforce of Tomorrow
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Compensating Tomorrow’s Workforce, Today:
Millennials & Beyond
Mykkah Herner, MA, CCPModern Compensation Evangelist
Angela Ulman, CCPCompensation Professional
A copy of the presentation and recertification credit will be sent out within a couple of business days
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15,000 Positions 3,500 Customers 11 Countries
250 Compensable Factors54 Million Salary Profiles
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www.payscale.com
Angela Ulman, CCPCompensation Professional
https://www.linkedin.com/in/angelaulman
Mykkah Herner, MA, CCPModern Comp Evangelist
https://www.linkedin.com/in/mykkahherner
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Understanding tomorrow’s workforce
Tailoring compensation to your workforce
• Mix of pay
• Advancement
• Communication
Where to start
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57% of organizations view themselves as modern or forward-thinking
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Understanding tomorrow’s workforce
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Identify personas in your workforce
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Workforce Characteristics• Generation• Life stage or lifestyle• Income and/or class• Urban and/or rural• Size of organization• Job function
https://www.bamboohr.com/webinars/diverse-workforce/
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Defining the Generations
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Baby Boomers 1946 – 1964 Size: 74MCommunication
About Comp:Private
Average Tenure:15 Years
Career Mindset:Loyal
Self-drivenHigh Work Ethic
Retirement
Generation X 1965 – 1979 Size: 66MCommunication
About Comp:Semi-private
Average Tenure:5 Years
Career Mindset:PessimisticSelf-reliant
Work/Life BalanceManagement
Millennials 1980 – 1995 Size: 74MCommunication
About Comp:Public
Average Tenure:18-24 Months
Career Mindset:Idealistic
Fairness, Flexibility Values Work/Life Balance
Advancement
Generation Z 1996 – Present Size: TBD, 69M+Communication
About Comp:Semi-private
Average Tenure:TBD
Career Mindset:Realistic
Multicultural FluencyTechnology Native
Learning with a Purpose
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Generational Size Today
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FiveGenerations
of 2020
Gen Z
Millenials
Gen X
Baby Boomers
Traditionalists
Bureau of Labor Statistics Employment Projections
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35% of top performing companies are changing strategies for millennials
vs 28% of all companies
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Tailoring compensation to your workforce
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Mix of Pay
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What is the Right Compensation Mix?
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Preferences by generation
Boomers Gen X Millennials
Low Med High
Med Low High
High High Med
High Med Low
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Get CreativePasses to sporting eventsCatered lunches for winning teamsDays off after big deadlinesChoice of work assignmentDevelopment opportunities Lunch with the CEORemote work
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EqualFair
A note on fairness: Fair doesn’t necessarily mean equal
Differentiate* Pay byPerformance
ResultsExperience
SkillsEducation
*Be aware of legal restrictions
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Advancement and your comp structure
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Millennials seek advancement
Sample Career Ladder
Rental Coordinator
General Manager, Rental
Rental Coordinator Supervisor
Rental Manager
Grade 3 Grade 5 Grade 7 Grade 12
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You may not be big enough for career ladders. What paths exist?
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Connecting pay guidelines to generations
Now, with much greater mobility, flexibility, and advancement:
Level III
Level II
Level I
Then, with much higher tenures and pensions:
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Learning & Development
• Learning management system
• Mentors
• Lunch & Learns
• HR-led manager groups
• Structured succession planning
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Communication
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How does perception of pay impact employees?
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Most do not know if they are paid fairly
Full Article: https://hbr.org/2015/10/most-people-have-no-idea-whether-theyre-paid-fairly
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of employees are ok with low pay if the rationale is explained82%
In other words, the WHY matters
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Transparency spectrum
Drive greater transparency
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Skills Gap
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What are they missing?• 44% cited writing proficiency• 39% called out public speaking• 60% identified critical thinking/ problem solving• 56% noted attention to detail• 46% mentioned communication more broadly
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• Managers
• Machinists
• STEM jobs
• Obsolete skills
• Purple Squirrels
Impacted Roles
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Looking even farther into the future
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Need help? Start with these questions:
• What is the make-up of your workforce?
• Determine mix of pay that you currently use – are you using all tiers?
• What are the opportunities for advancement, learning, and development?
• How transparently are you sharing compensation information?
• What skills do you currently have? Lack? How about in 5 years?
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PayScale Delivers Where Other Compensation Providers Fall Short
PayScale leads the world in compensation knowledge with the freshest and most detailed data from over 54 million salary profiles. More than 3500 organizations use PayScale’s software and intelligence to get the greatest return on their talent. Smart businesses use PayScale Insight to recruit, retain and motivate their people.
Visit our blog: www.payscale.com/compensation-todayJoin our Group on LinkedIn: Compensation Today: HR Best Practices
Angela Ulman, CCPCompensation Professional
Mykkah Herner, MA, CCPModern Compensation Evangelist
www.payscale.com